Lehman's Deal With Luxembourg Unit Over $13B Wins Nod
By Maria Chutchian (July 17, 2013, 5:39 PM EDT) -- A New York bankruptcy judge on Wednesday signed off on two settlements between Lehman Brothers Holdings Inc.'s brokerage and its Luxembourg affiliates resolving a $13 billion intercompany dispute as well as a deal that shaves $8.5 million off a Curacao-based affiliate's customer claim.
U.S. Bankruptcy Judge James M. Peck's approval of the settlements advances Lehman Brothers Inc. trustee James W. Giddens' goal of "maximizing assets available for distribution to customers and general creditors," according to Giddens' spokesman Jake Sargent.
The first two agreements allow the Luxembourg affiliates a combined $163 million in claims against the brokerage. Specifically, Lehman Brothers (Luxembourg) SA...
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